[Asia Economy Reporter Yoo Byung-don] The prosecution's investigation is gaining momentum as it intensifies efforts to arrest Kim Young-hong, chairman of Metropolitan, who is considered the mastermind behind the 'Lime scandal.' With close aides being arrested and indicted, and the investigation by prosecutors and police extending to those suspected of providing escape funds to Chairman Kim, the financial lifeline is drying up.
The Financial Investigation Division 2 of the Seoul Southern District Prosecutors' Office (Chief Prosecutor Kim Rak-hyun) arrested and indicted Mr. Jung on the 16th on charges of operating a casino targeting Koreans in the Philippines and earning approximately 32 billion won in profits (violation of the Gambling Venue Establishment Act). Mr. Jung was arrested in the Philippines earlier last month and was repatriated to Korea on the 22nd of last month.
Mr. Jung is accused of operating an online remote gambling site targeting Koreans at Isla Resort in the Philippines, which was acquired with Lime fund money from around December 2018 until recently, generating profits of about 32 billion won.
It is known that the illicit profits obtained from operating the gambling site were distributed to Chairman Kim, the actual owner of the casino, as a way to support his escape funds. Since Mr. Jung is considered a key figure who would know Chairman Kim’s whereabouts, the prosecution’s investigation pursuing Chairman Kim is expected to gain further momentum.
Meanwhile, the Gangwon Provincial Police Agency is also conducting an investigation into employees of the Isla Resort casino. Park, who was repatriated on the 14th following notification by the Gangwon Police, is said to be a close aide of Chairman Kim responsible for managing the servers of the online remote gambling site. Summons have also been issued to other casino employees, effectively leaving Chairman Kim without control over the casino.
The complainant who filed charges against 31 casino-related individuals explained, "Following the arrest and indictment of Mr. Jung, Chairman Kim’s closest aide, the investigation is expanding to other casino-related personnel," adding, "There are even reports that Chairman Kim, feeling the pressure as the investigation progresses locally, is attempting to sell the Isla Resort casino."
As the prosecution and police simultaneously target Chairman Kim’s close aides, analysts suggest that the financial lifeline for Chairman Kim’s escape is drying up, signaling an end to his flight.
Meanwhile, Kim, chairman of the real estate development company Metropolitan, received an investment of about 350 billion won from Lime in 2018 under the pretext of domestic real estate development. Former Star Mobility chairman Kim Bong-hyun also identified Chairman Kim as the 'mastermind' behind the Lime scandal.
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